Many kids and parents are fans of the circus. They marvel at the skills of the aerialists, acrobats and animal tamers. They laugh at the antics of the clowns, consume tasty treats and watch the sideshows. There are also powerful financial lessons that may be learned from these performers to help teens learn about managing money.
Many of the college-bound and their parents are about to take on huge college expenses while trying to maintain a certain life-style and prepare for a future one. There will be a host of new purchase opportunities for an already lean wallet. If a house is on the future acquisition list, student debt may prevent the plan. Read Naughty and nice solutions to cut college costs and increase home ownership for more details.
Use these six questions packed into vivid images to start a serious discussion to teach your teen about money management:
- When it comes to balancing your budget, are you a juggler or a tight rope walker? Show your child how to create and use a budget by listing expenses and income.
- When it comes to spending money, are you the Master of Ceremonies or a clown? Explain the realities of living within one’s means based on their budget compared to a foolish fantasy without a safety net.
- When it comes to making decisions, will you choose cotton candy or unbuttered popcorn? Life is about choices including what to spend money on. Parents may help their kids understand how to include occasional splurges into normal routines and still be nutritionally and financially healthy.
- When it comes to preparing for your future, are you the lion or the lion tamer? Most teens live in the present but focusing on the future is a great way to prepare the college-bound for what’s to come. Teach your child the benefits of controlling their own finances rather than having debt decide for them.
- When it comes to saving for something special, are you the sideshow’s Strong man or the whole three-ring circus? Teach your child how to prioritize financial goals to achieve them one at a time or they may spread themselves too thin and not focus on any well.
- When it comes to financial security, are you an acrobat or an aerialist? Both are strong, have great timing and get the job done. The message parents may teach is these are the skills needed to achieve a student’s financial dreams.
For more budgeting tips for teens before college check out Suzanne’s blog: Wednesday’s Parent: A Crash Course in Money Management
Wednesday’s child may be full of woe but Wednesday’s Parent can substitute action for anxiety. Each Wednesday Suzanne Shaffer and I will provide parent tips to get and keep your student on the college track. It’s never too late or too early to start!
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